* LatAm markets mixed as Wall St offers no clear direction

* Brazil FX, stocks up after larger-than-expected rate cut

* S&P cuts PDVSA's ratings, affirms Venezuela

By Walter Brandimarte

NEW YORK, June 12 (Reuters) - Latin American financial markets ended mixed on Friday, with Brazil's stocks and currency gaining after a larger-than-expected interest rate cut, but Venezuela's bonds plunging on negative credit rating news.

Brazil's benchmark Bovespa stock index .BVSP rose 0.28 percent while the national currency, the real (BRBY: Quote, Profile, Research), gained 1.25 percent to 1.927 per U.S. dollar in the first session after the central bank cut interest rates by 100 basis points, more than the 75 basis points forecast by most economists.

The decision, aimed at avoiding a recession in Latin America's largest economy this year, "may boost foreign inflows into Brazil's stock market," also strengthening the real, said Francisco Carvalho, a currency trader at Liquidez brokerage in Sao Paulo.

Benchmark stock indices also rose in Mexico .MXX and Colombia .IGBC, but closed lower in Chile .iPSA, Argentina and Peru .

As key Wall Street indices closed mixed, the MSCI stock index for Latin America .MILA00000PUS finished 1.2 percent higher, booking gains of 2 percent for the entire week. The indicator has rallied about 60 percent since the beginning of March.